Hostess SPAC Presentation Deck

PAGE 4 KEY BUSINESS THEMES Iconic brands with nearly 100-year history Hostess business transformation: Shelf-life Technology Warehouse Model ■ Significant capital investment (~$150 million) since the relaunch has driven optimization across manufacturing, distribution and implementation of highly analytical IT systems (1) (2) ■ Strong customer support - Hostess brand driving Sweet Baked Goods ("SBG") category growth while providing retailers the premium brand consumers want, improved penny profits, and higher margins Hostess Brand The growth potential of this platform is strong and expanding Core: Innovation and Brand extensions – Flavors, Forms, Packaging, Bread, Premium, Better For You White-space: In-Store Bakery, Frozen Retail, Foodservice, and International opportunities largely untapped Acquisitions: Recent acquisition of Superior Cake Products (“Superior") aimed at accelerating development in the ISB category Best-in-class financial position Strong and sustainable top-line growth Industry-leading EBITDA margins of ~29%(1) Significant Adjusted EBITDA to Free Cash Flow Conversion (2) Clean balance sheet - No legacy issues Hostess is a $1bn+ brand at Retail with upside potential See Appendix for an explanation of all non-GAAP measures and a reconciliation to the most comparable GAAP measures. Defined as (Adj. EBITDA - Capex) / Adj. EBITDA. Capex includes maintenance capex and expansion capex. Hostess

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